Publicly traded crypto-linked firms in the United States experienced notable gains on October 14, following a 6% surge in Bitcoin, which briefly touched $66,400—its highest price since July 30.
Bitcoin miner CleanSpark emerged as the strongest performer of the day, closing up 12.72% at $10.81. The stock continued its upward momentum, climbing an additional 1.72% after hours to reach $11, according to Google Finance data.
Following CleanSpark, crypto exchange Coinbase saw an impressive 11.3% gain, finishing the day at $196.35—a seven-week high. After hours, Coinbase’s stock rose another 1.71% to $199.70.
Crypto miner Iren, formerly known as Iris Energy, recorded a substantial increase of 10.21%, while competitors TeraWulf and MARA Holdings (previously Marathon Digital) rallied by 6.65% and 5.6%, respectively.
In the medical manufacturing sector, Semler Scientific, which has emulated MicroStrategy’s Bitcoin-buying strategy, remained flat during regular trading but saw a 4.3% increase in after-hours trading. Additionally, digital payments firm Block gained 2.8%, as reported by Yahoo Finance data.
Mixed Results for Major Firms
Conversely, MicroStrategy, a business intelligence firm that holds 252,220 BTC worth approximately $16 billion, was one of the few companies to close in the red, dropping 5.1% to $201.67. However, it received a slight after-hours boost of 1.65%, climbing to $205.
Core Scientific, another Bitcoin mining firm, also saw a decline of 1.9%, ending the day at $12.97 before making a minor recovery to $13.05 after hours.
The rallies among crypto stocks coincided with a 5.7% increase in Bitcoin’s price over the last 24 hours, reaching its highest point since July 30. This has led some industry analysts to speculate whether “Uptober” has finally arrived.
Bitcoin analyst On-Chain College remarked in an October 14 post on X that Bitcoin had successfully cleared its 200-day moving average and the short-term holder cost basis of $62,600—both critical bull market support levels that signal a potential price breakthrough.
“Has Uptober begun?!” On-Chain College pondered.
Bullish Sentiment
Dan Tapiero, founder of crypto investment firm 10T Holdings, expressed optimism in his own post, stating that Bitcoin is “on the verge” of breaking through $70,000.
“Uptober” is a term used to describe October’s historically bullish performance, as Bitcoin’s price has increased in nine of the last 11 Octobers. This month often serves as a precursor to strong fourth quarters for Bitcoin, according to CoinGlass data.
CK Zheng, chief investment officer of crypto hedge fund ZX Squared Capital, noted that upcoming events, such as the 2024 halving and the approaching U.S. election, could potentially propel Bitcoin above its all-time high of $73,738 in the fourth quarter—or soon thereafter.
| Company | Price Change (%) | Closing Price | After-Hours Price |
|---|---|---|---|
| CleanSpark | +12.72% | $10.81 | $11.00 |
| Coinbase | +11.3% | $196.35 | $199.70 |
| Iren | +10.21% | N/A | N/A |
| TeraWulf | +6.65% | N/A | N/A |
| MARA Holdings | +5.6% | N/A | N/A |
| Semler Scientific | Flat | N/A | +4.3% |
| Block | +2.8% | N/A | N/A |
| MicroStrategy | -5.1% | $201.67 | $205.00 |
| Core Scientific | -1.9% | $12.97 | $13.05 |
The recent price rally in Bitcoin has positively influenced publicly traded crypto-linked firms, indicating a renewed interest in the cryptocurrency market. With analysts suggesting that “Uptober” may be underway, the upcoming weeks could be pivotal for Bitcoin and its associated assets as they navigate the evolving landscape of digital currencies.
As sentiment grows bullish, investors and market watchers will be keenly observing whether Bitcoin can maintain its upward momentum and potentially reach new heights in the coming months.
Featured image credit: Freepik
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